Petrol prices surge to a four-year high – as Australia’s most expensive city for fuel is revealed
Australia’s most expensive city for fuel has been revealed as petrol prices are set to rise almost 10 per cent.
Hitting a four-year-high, petrol prices are set climb to $1.45 per litre for base grade petrol.
The Australian Competition and Consumer Commission (ACCC) said Brisbane residents fork out the most money for fuel.
According to a recent study, the last 12 months have seen petrol stations making an average margin of 12.4 cents per litre of petrol sold in the main cities.
The most expensive major cities to buy petrol
1. Brisbane – 137.4 cents per litre
2. Melbourne – 135.6 cents per litre
3. Perth – 135.0 cents per litre
4. Adelaide – 132.7 cents per litre
5. Sydney – 131.9 cents per litre
Out of the Australian capital cities, Brisbane’s motorists paid the highest prices for 18 out of the last 24 months. The price of petrol rested at 137.4 cents per litre.
Melbourne scraped in for second place on an average of 135.6 cents per litre, followed by Perth at 135.0 cents per litre.
Adelaide and Sydney were cheaper averaging out at 132.7 cents per litre and 131.9 cents per litre.
The latest petrol monitoring report showed that higher global oil prices were the major factor for the rising price of petrol.
Out of the Australian capital cities motorists paid the highest prices for 18 out of the last 24 months. The price of petrol rested at 137.4 cents per litre.
But Australian petrol retailers were also adding record-high gross retail margins.
‘The major factors driving higher prices were an increase in international crude oil and refined petrol prices, and a lower Australian-US dollar exchange rate,’ ACCC Chair Rod Sims told the ABC.
‘The OPEC [Organisation of Petroleum Exporting Countries] cartel in particular continues to have a damaging effect on Australian petrol prices,’ Mr Sims said.
The ACCC chairman said to use price monitoring apps such as MotorMouth, GasBuddy and Fuel Check.
He said: ‘You can save yourself money with just a small amount of effort — that’s the best way to keep petrol retailers honest.’
Extracted from Daily Mail